Compare before committing to have a good auto credit – Car Loans
Car Lender is an increasingly important player in the automotive market. It is undoubtedly the first car seller on the internet. It is therefore important to know the competitiveness of Car Lender credit and that of LOA Car Lender. Our comparison is worth the detour.
Car Lender car loan: interesting or not?
The advantage of Car Lender credit is that it is very easily comparable to competitive car loan offers. Indeed, the law obliges to communicate on the APR rate within the framework of consumer credit. This rate includes all credit charges. It will therefore be easy to compare an Car Lender loan and a Bankil loan or even a bank loan. It will not be as simple regarding the new LOA or second-hand LOA Car Lender (Rental with Option to Buy) because the law still leaves the possibility of not communicating on precise total cost or on a rate.
How to compare Car Lender car credit?
To be able to compare the Car Lender credit, we simply set out to carry out simulations on the site www.Car Lender.com. Besides, the group does not directly offer a car credit simulator: you must first select models. Car Lender credits have the Dollas and Crediter Yes designations. The difference between the two is made up of the various insurance and assistance options offered. To offer an objective comparison, we only take into account credit without any insurance.
We have distinguished the comparison of new and used car credit. Indeed, new car credit is always a little cheaper than used car credit. This is due to the fact that in the event of a reimbursement and seizure of the car, the financial organizations will recover more money when reselling a new vehicle.
New car credit Car Lender
This Golf with all its options is presented at the manufacturer price of $ 31,582. Thanks to Car Lender, it is possible to obtain a 34% discount, which brings the price of this new car to $ 20,990. The new Car Lender auto loan offers the following financing:
- Contribution: 6000 $
- Amount borrowed: $ 14,990
- Credit term: 60 months
- Fixed taeg rate: 5.97%
- Monthly payment: 288.48 USD
- Cost of credit: 2,318.80 USD
The best new car loan in our comparison offers the following financing:
- Contribution: optional. Take the assumption of 6000 $ to be in the same conditions
- Amount borrowed: $ 15,000
- Credit term: 60 months
- Fixed taeg rate: 3.00%
- Monthly payment: 269.26 USD
- Cost of credit: $ 1,155.60
The cheapest auto loan on the market costs twice as much as Auto Car Lender Credit to finance the purchase of a new car. And unfortunately, by testing other new cars on the site, we did not find more attractive rates for this reimbursement period.
Conclusion: it is better to go through a credit comparison than to take the Car Lender new car loan directly on their site.
Used car loan
How can we not talk about Car Lender occasions? It must be said that they struck very hard with their service of reconditioning of used cars allowing to bring an unequaled serenity for the buyers. The only problem is that it does not bring the same serenity to borrowers.
Indeed, by taking a random Car Lender auto used loan at 9,000 USD with 1,000 USD of contribution, we end up with a fixed taeg rate over 48 months of 7.60% !! Where our comparison gives the best offer at a fixed taeg rate of 3.00%.
NB: the Car Lender loan is offered in partnership with Crediter Personal Finance, the organization which manages the Cetelem loan.
Rental Car Lender
Car Lender auto rental is a car LOA offered in partnership with Friend Capital, a subsidiary of the Friended group. The first notable point is that the LOA Car Lender is also done on used cars. Gold used LOA is rare enough to be highlighted.
We had already compared LOA and car credit in detail (see our opinion on LOA) for the entire car market. Our conclusion was clear: for an equivalent service, LOA is much more expensive than car credit in the vast majority of cases. So let’s see if this is the case with Car Lender rental.
- Contribution: 4000 $
- Duration: 60 months
- First monthly rent excluding insurance: 3989.18 $
- Following monthly rentals excluding insurance: 137.79 $
- Final purchase option: 4 840.16 $
- Total amount in case of purchase excluding optional insurance: $ 16,958.95
Now let’s see the Car Lender credit offered for the same car for the same duration:
|Bring :||$ 4,000|
|Amount borrowed:||9,690.00 $|
|Monthly payments excluding optional insurance:||189.60 $ / month|
|Total cost of credit excluding optional insurance:||1,686.00 $|
|Of which administration fees:||0 $|
|Of which interest:||1,686.00 $|
|Fixed debtor rate:||6.50 %|
The total amount of the acquisition in the case of a loan would therefore have been $ 15,376.00.
Conclusion: our example shows that in case of acquisition, the Car Lender LOA costs 1600 USD more than the Car Lender credit. And Car Lender credit itself was about twice as expensive as the best credit on the market.